Currency in Egypt
An Australian Traveller's Money Guide to Currency Exchange in Egypt
Egypt is truly a traveller's dream. Visit the mighty Nile and marvellous monuments, then indulge in the country's unique, diverse and delicious cuisine. Hop on a boat to see the waterside temples, or trek into the desert to find the traces of Roman trading outposts. The opportunities to explore Egypt are endless!
Before you go, check out our handy and comprehensive guide, perfect for finding the best way to take your money to Egypt.
The currency that is used in Egypt
In Egypt, the currency that locals use is called the Egyptian Pound. It has the international code EGP and the symbol E£.
One Egyptian Pound is made up of 100 piastres.
Banknotes come in denominations of 5, 10, 25 and 50 piastres and 1, 5, 10, 20, 50, 100 and 200 pounds. Coins are available in denominations of 5, 10, 25 and 50 piastres and 1 pound.
Can I Use Australian Dollars in Egypt?
As the local currency is the Egyptian Pound, bear in mind that Australian dollars are not accepted in Egypt. In fact, the Aussie dollar has no value to locals and will need to be converted into Egyptian Pound to make your trip a smooth one.
What Currency Do They Accept in Egypt?
As the unit of currency in Egyptian is the Egyptian Pound, it is strongly recommended for you to acquire the local banknotes and coins prior to your trip. There are also foreign exchangers located at the airport to exchange currencies including Australia, US or New Zealand dollars for the local currency.
Using Your Bank Card in Egypt
Card payments like VISA and Mastercard are widely accepted at hotels, restaurants and shops in Egypt. Some of the best travel money cards include debit, credit and prepaid cards.
When you’re using your card to make payments in Egypt, check with your bank so you’re aware of the fees and charges incurred by the respective cards.
Debit Cards
Debit cards from many foreign banks in Egypt are best used for ATM withdrawals and card payments. However, if the bank you use in your home country is more locally or regionally oriented you may run into compatibility issues.
Depending on which card you use, you may face excessive bank fees for each transaction. These fees may include foreign ATM withdrawal fees and conversion fees.
To make your trip hassle-free, look for a bank card that’s designed for frequent travellers. Some travel-friendly debit cards that waive a portion of the charges include Wise, ING, Citibank and Revolut.
Credit Cards
Even though credit cards can be used in most locations around Egypt and at ATMs, it is always important to have cash on hand especially when you’re travelling to more remote areas.
Some credit cards come with attractive features for frequent travellers, including complimentary travel insurance, rewards points, and additional security measures.
But the perks are countered by some exorbitant charges if you use your card overseas, including:
- International transaction fees
- High exchange rate margins
- ATM fees
- Potential ‘cash advance fees’ if you use an ATM
As with debit cards, there are some exceptions. Bankwest Platinum and 28 Degrees cards are designed for travellers and waive the currency conversion fees.
Prepaid Travel Cards
Lock in a favourable exchange rate with prepaid travel cards. Bonus: You also get a handy back-up card!
Even though they are convenient, you could end up with hidden fees. Some travel cards still impose the following:
- Currency conversion fees
- Uncompetitive exchange rates
- International ATM withdrawal fees
- Reload fees
- Inactivity fees
How to Exchange Currency in Egypt
Remember to have Egyptian currency in your wallet while you explore so as to make your travels an easy one. Depending on where you visit, be it a highly populated city or remote area, you might find that having cash is important in case it's the predominant paying method.
ATMs in Egypt
In cities like Cairo and Alexandria, you won’t face any real difficulties locating an ATM. However, the further you travel out, it is wise to not rely on there being ATMs in remote areas. Most ATMs in Egypt will charge a small fee for using a foreign card so it would be wise to minimise costs by withdrawing larger amounts.
Important note: Make sure you notify your bank about your travels. If you don’t, they could consider any purchases in Egypt as suspicious activity and freeze your card.
Currency Exchange in Egypt
There are various ways to convert your AUD into EGP. At the airport, there are foreign exchange currency shops and ATM machines with reasonable exchange rates where you can withdraw funds using your credit card. There are also bank branches located around Egypt for you to exchange currency as well.
Travellers Cheques
We would not recommend travellers cheques as they are hardly used in Egypt and banks will charge a high commission and exchange rate. You’ll get more value out of alternatives such as ATM withdrawals and direct cash exchanges.
Buying Egypt Currency Before You Go
Buying Egyptian Pounds before you leave home can be a seamless process, with three main options to suit your needs:
- Buy EGP online and have it delivered or collect it in-store.
- Buy from a bureau de change.
- Buy at your home airport.
Since bureau de change desks at Australian airports are renowned for their poor rates, we recommend avoiding them and picking up your currency ahead of time.
A fuss-free way to secure your travel money is to order it online. It can be delivered to your door or made available for pick-up at a convenient location. Online currency providers offer competitive deals you’re unlikely to find elsewhere. For example, S Money offers the same rate listed on Google and XE.com.
If you’re in the city, an alternative is to visit a CBD bureau de change. Suburban outlets don’t have the competition to keep prices low and banks often supply high fees and poor rates.
How Much Cash Should I Bring to Egypt?
Avoid having leftover foreign cash at the end of your trip by calculating your budget.
Knowing your budget depends entirely on whether you prefer to backpack or a more luxurious experience. It’s also highly affected by your travel itinerary.
Here are some of the average costs to help you calculate your own budget (all quoted in Egyptian Pounds):
1,100 EGP
One night stay at a hotel
648 EGP
Meal at a Mexican restaurant
40 EGP
Bottle of beer
5.50 EGP
One-way ticket on local transportation
36 EGP
Cup of cappuccino
